AI & Intents in DeFi - buzzwords or significant improvement on how we operate i - Lukasz Stoczynski

um so my name is Lucas sininsky and I'm head of Business Development at mimic finance and today we're going to talk about Ai and intense in defi whether they're just passwords or uh there significant improvements in how we operate in defi um so to start with at mimic uh our mission is to provide simple and secure tools to enhance efficiency and Automation in the centralized Finance so we've been uh operating since late 2021 and we've been work working on custom di automations for very specific use cases uh we've been working with uh some major uh di protocols wallets uh and apps um to help them um in automating uh different um defi operations mainly on the treasury management side uh on a like a revenue uh consolidations um so um we've built a mimic engine so it's it's a set of three different uh pillars that allows us to uh enable to our users to automate any um defi operations so the first one are tasks so tasks are specifically designed onchain activities um one task can only perform one type of activity so for example we can have a swapper we can have a depositor we can have a claimer we can have a Bridger so basically for any particular onchain activity we have got a separate tasks those tasks can can be protocol specific so we can have a swapper with 1 in we can have a swapper with par swap um and they're also composable so we can connect them all together to um uh so so they're activated one after another so we can for example swap an asset and then automatic we can bridge that asset and this could be a sequence that can be automated so all those tasks are um executed on a custom um custom deployed ERC for3 seven account uh a smart wallet um so that wallet can uh allow gives us you know few um different features um first of all it can authorize a third party to perform to to create tasks and execute tasks on behalf of that account so you can have someone else uh executing transactions on behalf of your smart account um you also have got a safeguards to protect the assets so we can limit what sort of a tasks can be um uh perform uh or um executed um on this account we can decide like for example uh no one is able to withdraw money from this account um so if you authorize a third third party to um perform activities on on your account um you can limit them and the final piece of the puzzo are our relayer is is our relayer our bot so it's a custom built logic it has got plenty of ifs um in that bot so that allows us a a um custom customization of what the activities can be performed U on the smart account um relayer understands the tasks so it knows what tasks um it is um executing and like how to sequence them uh it executes transactions based on specific parameters so you can set things like I don't know gas limit slippage minimum threshold of an an asset for example you can say Swap this asset only if there's a at least $11,000 worth of of this asset in my wallet you can set the time period so you can say swap it once a month or once week or bridg once a week um you can set all those custom um parameters um and also the our bot analyzes conditions for transaction exe executions and simulates before sending it onchain so it will check you know if the slipage can be less than 2% if it can't if if the slipage will get higher the transaction will not get executed on chain um so how the automation works today at mimic so we onb customers uh the customers uh gives us their requirements so they say okay we want to have our environment to perform swaps on those assets at this time period uh we want to bridge them we want to uh lend them we want to stake them so they give us all the parameters that they want to set and then our team is setting up the the environment we're deploying a custom IRC account for them we plug in tasks we plug in relayer it's a um it is a a a huge Improvement for them already because like you know they can automate a lot of manual work but from our perspective it's not very scalable because for every customer that we on board and we have got you know several of them we have to do some manual work in deployment um and we've been thinking of the ways on how how we how we do this um so this is a a a a little um diagram of how the automation engine how we how we call it works so we have got the automation we we can authorize a third party for example a bot in this case um we can program we can we have the programmatic um engine so we can set those parameters we can decide on like what what conditions the and transactions are executed we can have hooks um before or after um those transactions are executed and we have got those safeguards and then we're connecting protocols um on different chains um to get the execution on on chain so we're going to be piring up those automations with uh two two things that you know the two passwords that we've mentioned initially so the first one is intents so our tasks will get replaced by intents so instead of having those swappers Bridgers Etc users will be able to um create in intents um and those intents will get resolved uh by solvers um for those who don't know what intents are so in the traditional way of operating on chain with a transaction you have to Define both what you want to do with also and how you want to do it so if you want to swap uh let's say if to uh usdc you have to first um let's say if on Main it to use DC on optimism you have to first brid swap it um and then you have to bridge it so you have to perform transactions you have to specify the protocol where you're going to do it you have to sign a transaction pay gas and then um you you you will receive your usdc on on another chain um with intents you only defy um what and you don't have to defy how so you say just like I have got if on mainnet I want to have usdc on optimism and I want it like at this price and I don't care how you're going to do it just give me usdc uh at this price and then it's a gas list so you sign an an offchain uh message uh an offchain intent and then it gets sent to solvers so they're like specific um companies or or protocols that are um working on intent base um with intent based protocols um and execute those transactions um uh on your behalf so they're gasless uh and uh they have with their ways of of of making money for on this um so we have got intents so in intents are created uh and executed by solvers um on this smart account smart wallet that we deploy for customers um so uh the last part here is we're replacing Rel layers with AI agent so um we're going to have ai agents to generate intents uh to create those intents based on the prompt that a user will give so for example a user can say okay buy $10 worth of e on mayet every day using any stable coin I have so uh the B will uh sorry the B the AI agent will H create intents to buy $10 worth of e um daily uh with you know a stable coin the U the the uh AI bot will understand like what serice stable coins are there on the market and if one of those assets are going to be in the wallet it's going to create an intent that will get executed by solvers so uh a user doesn't need to decide like okay look okay I have got usdt today I have got usdc tomorrow I have to go to this protocol or to that protocol to to execute that transaction uh you just give this prompt to to the agent an agent will create intents that will get executed by solvers so it's gasless it's a much better experience um and it's much better um price execution as well because you don't have to look at you know through thousand protocols to to find the best price um solers will do it for you um so yeah so why is this a game changer so it improves the uh user experience so we have got the AI layer um it's going to be an intelligent orchestration layer to automate defi tasks into actionable cross chain intents um then the intense layer allows us the scalability um executes uh this layer will execute intents through the centralized and efficient network of solvers and we still have got all those safeguards which is very important especially when working like you know when trying to work with the AI because um it will enforce onchain protection to exclude any unwanted activities on the account so an AI agent will not be able to perform um activities that are let's say prohibited or it's not allowed to so it will not uh you know be able to withdraw uh funds to any uh wallet it will not be able to create you know an unwanted intent because it will only uh be limited to create the intents that are uh being prompted um and also like um you know when you uh want to spe specify your uh intention um to the AI it will confirm and show you what sort of intent will be created and then only then um user will have to um authorize it um so yeah so uh our goal is to uh build one platform to automate complex defi operations so uh we're building uh uh or we have got have built um already a platform where uh any user will be able to come um they're going to to be able to uh sign up for the account um connect their wallet deploy their own smart account or connect the existing one um they're going to have um the a they're going to have the access to the AI agent um and they're going to be able to um have the AI automation they're going to be um they still can have a third party to perform um uh transactions on on his behalf because like one thing about the authorization is you can deploy a settlement contract which is going to be the smart wallet but you can still have authorize a third party EA to do certain transactions on behalf of that smart account so you can have if you for example treasury manager you can have your accountant to uh be able to perform certain transactions on that smart account um with the authorization so we have got the the programmation so you can set the different parameters um you can add Hooks and and you still have got those safeguards and it's all PL plugged into to the defi ecosystem through uh different integr and de centralized solvers um so here we have got a few examples of like what sort of U interactions will be available so from you know simple comments earn interest on my die swap to e for usdc bridge my usdc to polygon Etc two more complex ones like rebalance my portfolio every Monday to maintain a 60 2020 distribution between usdc e and r Bitcoin so in this case um the um AI agent will check every day what is the distribution of the Assets in the account and then it will create an intent that will perform uh specific swaps to achieve that 60 2020 um um uh balance on the account or automatically stake my maic on polygon as soon as my balance exceeds 500 Matic so if you're receiving some revenues If you're receiving some uh stake um you know some rewards in Matic uh whenever um you have got more than 500 um these will be Stak um uh in this casee so yeah we we're we're going to be able to um enable uh more complex defi Automation and sequencing of intents um with the use of like simple um commands uh so yeah so uh we've worked with uh some of the greatest teams uh in the def ecosystem these are all our clients that we're working on automations with um uh some of them like we're using also their technology and uh um so yeah so our initial product is going to be more like a businessto business product um as we see you know there's a lot of space on the treasury management side on Dows and and um uh uh different companies to to have some of the um uh transactions automated um to date we have processed um over4 billion in assets on behalf of our customers executive 18 Millions transactions uh of them 227,000 were automated and we did like 330 million simulations run so before we uh have any like before we um execute any transaction on chain we run simulations to make sure that it meets all the parameters that are set in the environment um and yeah that's it uh one last thing I don't have a slide on that uh I probably might mention uh so uh the first phase of our product is going to be a B2B platform and the second is going to be developer platform so we're going to have an API and SDK for developers to interact with our system so there's going to be a few ways of um integrate with mimic so you're going to be able to either if you're building an application you're going to be able to allow your users to um execute transactions on chain using AI command so you're basically going to be able to integrate our infrastructure um into your app and and give the same um the same feat Fe to your users and secondly um we're going to be allowing uh any uh AI agent to have the defi execution using our intent and safeguards layer so if you're building an AI agent that you know you want to have it for you know to be trading assets or to performing any um onchain activities you're going to be able to plug in through the API to our intense layer and then um through you're going to just use mimic as an um intent creation an execution layer um for your AI agents and that's it thank you very much um feel free to open uh to ask any questions we still have got some time yes uh can we move the mic over there please all right uh probably I have more questions than uh the time is allowed here but uh like maybe from the top um how do you handle the uh permission for to moving FS uh for your tasks uh you mentioned ERC um uh 4337 uh although from personal experience and also seeing what's currently in similar Solutions which majority is using permit to um and knowing the caveats of ERC 4337 I'm super curious how how did you manage to get it to work along with your solution so uh a small disclaimer I run Business Development I'm not a developer so I might not be able to answer uh those questions on the technical note however in the existing infrastructure that we have um on the ERC for7 account you authorize a relayer to perform transactions on your behalf so uh relayer is using those tasks that are programmed to execute the trans actions so um each task as I've mentioned in the beginning is only um can only do one thing so if you have got a swapper with one inch it will only be able to swap uh assets uh in one inch um so that's permissive enough that you have got specific tasks to do specific things and those tasks are specifically programmed so for example uh you can say that only if there's $1,000 of an asset swap it to us DC um uh yeah using one in for example so this one tasks is only permitted to do this single uh this single activity this single action and the relayer can execute it um on uh on top of that account does that answer your question I'm happy to connect you with our with our Founders who are all uh engineers and maybe uh they'll maybe uh answer it better okay uh second question uh from like more General like business aspect maybe this will be easier to answer is like one of the like biggest challenges in the cross U cross chain operations is uh basically securing liquidity um how did you manage to solve them so we're not managing the liquidity ourselves as I mentioned we're using solers so solvers are are those parties that have got integrated uh differently liquidity sources from dexes to private market makers amm some of them have got centralized liquidity as well so basically um how the usually solvers Market Works they receive an intent and they bid for it and whoever offers the best price they get the execution um so we don't have to like we ourselves uh are a solver as well to some extent and we're plugged into various uh Dex aggregators uh but basically it's we're out ing this to to solvers for the liquidity okay and last question giving chance to to ask um what auction system are you using for solvers and how many solvers you have currently integrated with us so at the moment we're just a solver ourselves we don't have a solver system so uh this is something we're building at the moment so today we are um as I've mentioned we're fairly centralized in the sense that everything is run through mimic in the next iteration with the intents uh we're going to be building it so happy to discuss it in couple of months thank you yeah so many of us here are developers and using AI to write code to do many kinds of automations and we all know that if you use AI then nine out of 10 times you get a good answer and and there is also this this 10% where thei do does something stupid and it's not even easy to see so when I think now about automating onch trades with AI but there is this risk that well the AI does something stupid and yeah I I know that you mention about the safe C but then there is this tradeoff like how much manual um manual safety precautions you you do versus how much automation do you really get from this AI this is this is like the question how do you approach that uh so first of all like we're going to be training our own AI agents so we're going to feeded with a lot of you know prompts with a lot of information on on how defi intents can be structured like our developers been in this space for over 10 years uh so so they've worked in in a lot of defi protocols so hopefully like you know we're going to be able to train the our own agent spec specifically for this but from like the manual perspective when a user um writes a prompt they will still have to confirm so like the B will the AI agent will return saying okay you I'm going to do XYZ so I'm going to swap 10 usdc into if every day at this time uh for whatever the price is using stable coins and the user will need to confirm that this is the intent that he wanted um so that's like first out say you know manual Safeguard um and then like at the end of the day we're probably not going to be able to eliminate all of the all of the issues all of the mistakes that can be done um but yeah this is this is definitely something this is still ahead of us so I I don't have the right answer on on how we're going to resolve it uh but like these are the first thing that that we have discussed already um in terms of the the the securing and and the safeguards we have got on the smart account so um you user will be able to say like for example if you're not trading a lot you only do small amounts you can have a limit that you know the B the agent will not be able to create an intent that's higher than $500 worth so no matter what you're going to put in the prompt the bot will not create an intent um higher than than this amount so so you can add all those safeguards and the initial setup of the uh you know once you sign up for an account your initial setup is going to be okay set those safeguards first so then the the bot knows what he cannot do and then you will only be able to do stuff within the boundaries that you're going to set thank you any other questions anybody else have any questions so so maybe looks a little bit in a previous question but why don't you offer it also to the to the public is it to we will offer it to the so so the public is let's say this stage number three so stage number one is B2B we are in the B2B business already we have been in for 3 years or our customers are protocols applications so it's just like a Natural Evolution for us uh because like we're not Reinventing everything that we're doing we are doing custom automations already we're just like uh you know exchanging some pieces to get more efficiency to get like easier better user experience um but that's why we're starting with like B2B because this is where we are today um next is going to be developers because we believe that you know we need to open it up for other applications to either integrate you know this AI intense um uh defi operations or deploy their own AI agents and use our execution um uh with intense layer and then the third phase is going to be open it to the public but you know being a startup building a product that's b2c uh you know involves a lot of other factors like you know Community Building token uh and and all the other factors that like we want to postpone to the later stage so yeah definitely we have got um in the in the in the road map to um open it to the public uh at the end of the day as uh it's been mentioned in our I think in the mission statement first slide what you know simple and secure tools to enhance efficiency in automations and centralized Finance operations and that's like across the board we want to offer it to to everyone uh but we're going to be doing it gradually okay thank you okay cool there's no more questions uh thank you very much for being here